Ellevest, a robo advisory platform focused on women, has secured an investment of $53m in Series B funding round co-led by BMO and Contour Venture Partners.

The funding round was also joined by many new women-led investors, including Halogen Ventures, Cleo Capital, New York Ventures of Empire State Development, Stardust Equity, The Venture Collective, and Envestnet.

LGBTQIA+ investment syndicate Gaingels also participated in the latest round.

The New-York based digital investment platform’s existing institutional investors such as Melinda French Gates, Pivotal Ventures, Astia Venture Fund, Khosla, Morningstar, AME Cloud Ventures, Rethink Impact SPV, Salesforce Ventures, PayPal Ventures, and Allianz Life Insurance Company of North America also joined the round.

As of 31 December 2021, Ellevest has $1.44bn in total asset under management (AUM).

Ellevest said it will leverage the proceeds to expand its offerings and product solutions.

Ellevest co-founder and CEO Sallie Krawcheck said: “Ellevest was built by women, for women. It is also funded by women, with 360 women and underrepresented investors participating in this funding round.

“This group recognises that women have been disproportionately losing financial ground, and that’s bad news for all of us. Ellevest has a key role to play in addressing this issue: to help women — and their families — rewrite their financial narratives and thrive.”

BMO Family Office global president Shannon Kennedy said: “Our investment in Ellevest is grounded in the same values that guide us at BMO.

“As a bank, we are committed to growing the good in business and life, supporting women entrepreneurs, and championing gender equality in the workplace and beyond. Investing in Ellevest, a company focused on equity and inclusion, has only furthered that mission, and we’re looking forward to supporting their journey.”